Texas Representative Jodey Arrington discusses the various factors that led to the failure of the Texas electricity network and infrastructure during one of the strongest winter storms in a century.
With billions of dollars in damages expected due to the historic winter storm in Texas, a state regulator plans to collect data from property insurers to calculate the costs arising from a paralyzed electrical network, roof collapses, broken pipes and other problems, a spokesman said Friday.
“We expect it to be a big event, but we just do not know how big it will be,” said Ben Gonzalez, a spokesman for the Texas Department of Insurance, noting that the data investigation is the regulator’s process. reflects to other major storms, such as hurricanes. .
EX-OIL CONTROL: WINTERSTORM LEFT TEXAS IN ‘THIRD WORLD SITUATION’
The process, which begins in the coming weeks, is a business that estimates the catastrophic risk for property insurers on a $ 18 billion tab.
According to spokeswoman Karen Clark & Co, a Boston firm whose software helps insurers predict their catastrophic losses, it is property damage in Texas and other states.
Bitter cold weather and snow have paralyzed Texas since Sunday, shutting down much of the state’s electricity network and freezing pipes and waterways, leaving communities across the state without water or forced to boil it for safety.
GET FOX BUSINESS ON THE GO by clicking here
Texas Gov. Greg Abbott confirmed that all power plants were online from Thursday afternoon. He urged lawmakers to pass legislation to ensure the network is ready for cold weather in the future.
Texas insurers expect “hundreds of thousands of claims,” Texas Insurance Board spokeswoman Camille Garcia said Thursday.
READ MORE ABOUT FOX BUSINESS BY CLICK HERE
“It could be anything from small mudguard tires to significant house damage due to cracked pipes and everything in between,” Garcia said.